Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company has achieved a revenue growth of 28.29% year-on-year for the first three quarters of 2025, with total revenue reaching 269 million yuan. However, the net profit attributable to the parent company decreased by 9.19% to 54.12 million yuan due to stock incentive impacts [3] - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted downwards, with expected figures of 81 million yuan (previously 94 million), 102 million yuan (previously 113 million), and 126 million yuan (previously 132 million) respectively. The corresponding EPS is projected to be 0.61, 0.76, and 0.95 yuan, leading to P/E ratios of 33.2, 26.5, and 21.4 times [3] - The company is expected to benefit from the release of production capacity from fundraising projects, increased volume of assembly components, and accelerated new product development, which supports the "Outperform" rating [3] Financial Summary - For 2025, the company is projected to achieve a revenue of 391 million yuan, representing a year-on-year growth of 28.6%. The net profit is expected to be 81 million yuan, with a slight increase of 2.9% [6] - The gross margin is forecasted to decline from 46.1% in 2023 to 40.4% in 2025, while the net margin is expected to decrease from 25.8% to 20.8% over the same period [6] - The company's total assets are projected to grow from 464 million yuan in 2023 to 740 million yuan in 2027, indicating a strong growth trajectory [8][10] Industry Insights - The Chinese new energy vehicle market has shown significant growth, with production and sales reaching 11.24 million and 11.23 million units respectively from January to September 2025, marking year-on-year increases of 35.2% and 34.9% [4] - The demand for intelligent seating solutions is expected to expand as consumers increasingly prioritize features such as electric adjustment, human-computer interaction interfaces, and comfort functions like heating and ventilation [4]